Disliked{quote} If there's a couple of sentences that really got me thinking today then it's the above. I have a feeling that in all its trading manifestations, "hope" is probably our biggest enemy. Someone once wrote that "hope is not an indicator" - it's one of my personal favourite quotes. Whoever penned it has "been there" I think. Hope is the thing that will keep a trader believing that he's going to see the market through someone else's eyes. It'll wed one trader to another in the "hope" that by some form of osmosis he'll turn losing into winning....Ignored
This is an interesting interpretation of the "hopelessness" idea. thanks for pointing it out. I have thought about it this way as well. But I was thinking more along the lines of "hopelessness" in the context of any particular trade.
Conversely, when the objective facts hold out, we need to "extreme doses of hope" in order to keep on holding onto our winning positions. So a good way to think about it maybe is that hope/hopelessness are two "skills/weapons" in your arsenal that you can deploy at will. Deploy hope when you see no objective reality that threatens your trade. Deploy hopelessness otherwise. Of course to be able to discern illusion from reality in this market takes deep understanding of market structure and patterns in the first place. Which unfortunately (or fortunately if not FX wouldn't be profitable) is extremely difficult.
Build good relationships with others.